Personal Financial Planning

Individual tax update

This semiannual update surveys recent federal tax developments involving individuals.

Commercial real estate: Debt restructuring and planning

As many companies continue to work remotely and demand for office space dries up, landlords and banks may be forced to renegotiate debt agreements or foreclose on assets, which could have significant tax consequences.

ARPA expands tax credits for families

The American Rescue Plan Act made significant changes to the child tax credit and child and dependent care credit for the 2021 tax year, making the credits larger for most taxpayers and more widely available.

Using a family LLC for estate planning

LLCs can help families achieve key business and tax objectives, while also providing liability protection and concentrating management power in the hands of less than all of the owners.

2021 child tax credit, EITC, and premium tax credit limits updated

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.

Helping clients emerge from the pandemic

CPA financial planners can navigate clients through uncertainty and change, and lead them through a reevaluation of savings goals, retirement planning, health care needs, and other basic parts of their financial plan.

Tax Insider Articles

DEDUCTIONS

Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.